中文摘要：

＂营改增＂作为国家的一项重要税收政策,盘活了企业现金流,减轻了企业税负。基于Almeida的经典模型和＂现金—现金流敏感性＂视角,将所有企业分为融资约束企业和非融资约束企业,定量分析了＂营改增＂这项宏观政策变化对企业现金—现金流敏感性的影响,并将负债分为流动负债和非流动负债,分析了企业现金持有量与负债之间的替代关系。研究表明,＂营改增＂可以显著降低企业的现金—现金流敏感性且对融资约束企业的影响更显著;现金持有量仅与流动负债之间存在替代性,与非流动负债之间不具有替代性,＂营改增＂会显著降低这种替代性且在融资约束企业中作用更显著。＂营改增＂政策效应的相关研究可以为税收在我国经济结构调整过程中充分发挥作用提供参考。

英文摘要：

As an important tax reform policy,the replacement of business tax by VAT can reduce tax burden,promote transformation and improve cash flow circumstance.Based on the model of Almeida,we use cash-cash flow sensitivity as a measurement of financing constraints to analyze the impact of this macroeconomic policy on cash-cash flow sensitivity,and the replacement of cash holdings-debt.In addition,we divide all samples into financial constrainedcorporations and non-financial constrainedcorporations,and separate debt into current liabilities and long-term liabilities.The paper finds that cash-cash flow sensitivity reduced by the tax reform.Furthermore,the reform has a greater effect on financial constraint corporations than non-financial constrained corporations.Cash-debt replacement only exists in short-term debt,and the replacement of business tax by VAT can reduce the cash-debt substitution.This study enriches relevant research and provides a reference for tax reform fully play its role in China＇s economic restructuring process.